Author: Faiza Liaquat
The Pakistan Stock Exchange’s KSE-100 Index achieved a remarkable 55% gain in 2023, propelled by favorable economic factors, increased investor confidence, and a surge in trading activity. The market outperformed various asset classes and ranked among the top three best-performing markets globally in terms of local returns.
Mohammed Inam, an Abu Dhabi finance auditor, clinches Dh15 million in the Emirates Draw, fulfilling a lifelong dream of the Hajj pilgrimage. His spontaneous number selection, deviating from the usual, led to this surprising windfall, marking a new era of financial opportunities.
The State Bank of Pakistan projects a decrease in inflation to 20-22 percent in FY24, citing measures like contractionary monetary policy and improved domestic supplies. However, the report emphasizes the potential impact of geopolitical tensions and global commodity price fluctuations on this outlook.
Business owners in Pakistan are experiencing a 42% surge in confidence, signaling optimism for the future despite ongoing economic challenges, according to a recent Gallup survey. Positive trends in various indicators, including the Gallup Business Confidence Index, reflect a notable shift in the business community’s sentiment.
NLC’s groundbreaking use of the TIR system to transport goods to Kyrgyzstan via China not only marks a pivotal moment in trade but elevates Pakistan’s global economic presence. The $2.5 million in trade savings reflects the efficiency of this transformative initiative, positioning Pakistan as a key player in international commerce.
NUST’s Formula Student Team (NFST) is teaming up with Tesla to create a hybrid vehicle, blending a Honda engine with Tesla’s advanced battery management. Anticipated for completion in March-April 2024, NFST aims for global success following their recent triumphs at Formula Student UK 2023.
Pakistan’s successful test of the Fatah-II weapon showcased its advanced capabilities, including a smart navigation system and a 400-kilometer targeting range. Top officials, including President Arif Alvi and Prime Minister Anwaarul Haq Kakar, praised the achievement and the dedicated efforts of troops and scientists.
The Edhi Foundation in Karachi, Pakistan, proudly manages the world’s largest volunteer ambulance service since 1997, providing essential services such as emergency assistance, healthcare, and support for vulnerable populations. Originating from a small shelter, it has expanded to over 300 centers across Pakistan, actively engaging in disaster relief efforts, including a notable $100,000 contribution for Hurricane Katrina in 2005.
Power Cement achieves a significant milestone by entering the European market with its high-quality cement exports to the United Kingdom, showcasing global expansion commitment and becoming the first Pakistani cement exporter in the UK. The company aims to contribute to the UK’s construction sector while bolstering Pakistan’s economic progress through foreign exchange earnings.
Pakistan’s exports to the Middle East witnessed a robust 28.98% increase to $1.257 billion in the initial five months of the fiscal year, driven by strategic product diversification and a notable free trade agreement with the Gulf Cooperation Council. This surge, notably in key markets like the UAE and Saudi Arabia, signals positive economic prospects and underscores Pakistan’s adaptability in global trade dynamics.